Dollar (UUP) Retreats After Initial Rally

The US Dollar (

) soared this morning across the board against all of its major counterparts after March jobs report showed further signs of economic recovery, slightly beating analysts' expectations. The US economy recorded 216 thousand new jobs in March against the general forecast of a gain by 190 thousand, while the unemployment rate declined by 0.1%, coming out at 8.8%. The positive data helped the Dollar higher initially, as it soared immediately against the Euro (EUR), Japanese Yen (

), British Pound (GBP) and other major currencies. The rally, however, proved to be a short lived one and the Dollar moved even lower, after giving back all of the gains. The one exception is the USD/JPY currency pair, which is set to close the day with a modest gain at just above 84. The EUR/USD first fell to intraday lows at 1.4060, but was quick to recover and reached as high as 1.4244, only 3 pips shy of a three month high. The GBP/USD also followed to a similar pattern, first dipping to as low as 1.5970, before soaring all the way to 1.6130s.